SEOUL, July 23 South Korean steelmaker POSCO
on Thursday reported a 20 percent fall in
second-quarter operating profit, slightly missing analyst
estimates, as the impact of weak overseas demand was exacerbated
by a strong local currency.
The world's sixth-biggest steelmaker by output said
operating profit totalled 565 billion won ($548.76 million) in
April-June on a parent basis, from 703 billion won in the same
period a year earlier.
The result compared with a 578 billion won mean estimate of
21 analysts polled by Reuters.
Sales fell 4 percent to 7.42 trillion won, the steelmaker
said in a statement.
Shares of POSCO closed 0.8 percent higher ahead of the
announcement versus the flat benchmark stock index.
($1 = 1029.6000 Korean Won)
(Reporting by Hyunjoo Jin; Editing by Christopher Cushing)